VANCOUVER, British Columbia, Nov. 07, 2023 (GLOBE NEWSWIRE) — NorthWest Copper Corp. (TSXV:NWST) (“NorthWest” or the “Company”) is pleased to provide an update on its planned 2024 exploration program, which is designed to add value to its advanced projects as well as bring additional exploration prospects and targets to key decision points, to ensure a pipeline of high-quality drill ready targets for future growth. Following a strategic review, the Board and management concluded that the best way to unlock value in NorthWest’s projects is through exploration and discovery, the core business of NorthWest.
On September 26, 2023 a new slate of Directors was elected to the Company’s Board1. The Board of Directors is committed to addressing the concerns of shareholders and moving the Company forward in a responsible way that will create value for all rightsholders and stakeholders2. With its new Board of Directors and experienced management team, NorthWest is well positioned to execute on its renewed strategy which will include continued engagement and collaboration with First Nations. Specific work that is planned at the Company’s properties in 2024, dependent on availability of funding and subject to final budget allocation, may include:
- Drill test high conviction copper-gold targets:
- Kwanika Transfer Target3, a potential offset of the Kwanika Central Zone4, that potentially represents high-grade near surface bulk-minable mineralization and is the highest priority target; and
- Kwanika Andesite Breccia Target, which follows up on a historical intersection of copper-gold mineralization north of the Central Zone that is open at depth and laterally.
- Refine the exploration and geology model for potential deep large-tonnage targets in both the Kwanika Central Zone and Kwanika South Zone, primarily by relogging selected historical drill holes to constrain structural controls on high-grade copper-gold mineralization.
- Advance targeting and evaluation of other targets proximal to the Kwanika mineral resources as well as regional exploration targets in the South Creek Zone and the Rottacker Zone5.
- Drill test high conviction copper-gold targets in the following prospects:
- Boundary Target6, which has a historical non-compliant resource7; and
- A suite of other targets that have historical data that show promising geological, geophysical and/or geochemical indications, including Ridge, Dave’s Line, and Nova.
- Focus on evaluating regional prospects to advance them to critical decision points that could include bringing them to a drill ready stage. Planned work includes updating the property wide geological and exploration model, geological mapping, surface geochemistry and geophysical surveys.
North Omineca Projects (East Niv, Arjay, Croy-Bloom)
- At East Niv, complete geological mapping, induced polarization geophysical surveys, and geochemical sampling programs over the 4 by 5 km Southwest Target to comprehensively define initial copper-gold porphyry drill targets8;
- Advance the Arjay property with the potential to drill previously identified porphyry targets; and
- Continue to work with interested third parties to explore possible partnership opportunities at these properties.
About NorthWest Copper:
NorthWest Copper is a copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. With a robust portfolio in a tier one jurisdiction, NorthWest Copper is well positioned to participate fully in a strengthening global copper market. We are committed to responsible mineral exploration which involves working collaboratively with First Nations to ensure future development incorporates stewardship best practices and traditional land use. Additional information can be found on the Company’s website at www.northwestcopper.ca.
On Behalf of NorthWest Copper Corp.
Vice President, Exploration
For further information, please contact:
Peter Lekich, Director Investor Relations
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Technical aspects of this news release have been reviewed, verified, and approved by Tyler Caswell, P.Geo., Vice President Exploration of NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Minerals Projects .
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to statements with respect to; plans and intentions of the Company; proposed exploration and development of NorthWest’s exploration property interests including potential size of budget and type of exploration being conducted; the Company’s ability to finance future operations; the potential size of a mineralized zone or potential expansion of mineralization; geological interpretations; the estimation of Mineral Resources; future operations; mine plans, and magnitude or quality of mineral deposits.
All statements, other than statements of historical fact, included herein, constitutes forward-looking information. Although NorthWest believes that the expectations reflected in such forward-looking information and/or information are reasonable, undue reliance should not be placed on forward-looking information since NorthWest can give no assurance that such expectations will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified in NorthWest’s periodic filings with Canadian securities regulators. Forward-looking information are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking information. Important factors that could cause actual results to differ materially from NorthWest’s expectations include risks associated with the business of NorthWest; risks related to reliance on technical information provided by NorthWest; risks related to exploration and potential development of the Company’s mineral properties; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and First Nation groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in NorthWest’s filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca).
Forward-looking information is based on estimates and opinions of management at the date the information are made. NorthWest does not undertake any obligation to update forward-looking information except as required by applicable securities laws. Investors should not place undue reliance on forward-looking information.
1 Further information on the deep skill sets of the Company’s Directors can be found here: https://northwestcopper.ca/about-us/our-team/board-of-directors/
2 Please see NorthWest’s press release dated September 27, 2023 under the Company’s profile on SEDAR+ and at www.northwestcopper.ca
3 Please see NorthWest’s press release dated June 21, 2023 under the Company’s profile on SEDAR+ and at www.northwestcopper.ca
4 See NI 43-101 technical report titled “Kwanika-Stardust Project NI 43-101 Technical Report on Preliminary Economic Assessment” with an effective date of January 4, 2023, filed under the Company’s SEDAR+ profile at www.sedarplus.ca.
5 Further information on these targets can be found on the Company’s Corporate presentations, found at https://northwestcopper.ca/investors/presentations/
6 Please see NorthWest’s press release dated July 6, 2023 under the Company’s profile on SEDAR+ and at www.northwestcopper.ca
7 Report on Preliminary Feasibility and Financial Analysis of the Boundary Deposit, Tam Property, C.V Dyson, November 1974, internal report Union Miniere Explorations and Mining Corporation Limited (“UMEX”). The use of the term “reserves” in the UMEX estimation of mineralized material is a reproduction of the original terminology and does not reflect the current definition of the term “reserve” or imply that there are current reserves defined within the area. No information regarding the methods or parameters used to calculate the historical mineral resource estimate is available. The cut-off grade is not reported. The methods of estimation nor any statistical data are provided. The historical mineral resource was calculated prior to the implementation of the standards set forth in NI 43-101 and current CIM standards for mineral resource estimation.
8 Please see NorthWest’s press release dated July 24, 2023 under the Company’s profile on SEDAR+ and at www.northwestcopper.ca